CaribWorldNews, GREATER GEORGETOWN, Guyana, Tues. April 27, 2010: Leaders of the Caribbean Community, CARICOM, have reiterated their support for the reform of international financial institutions.
Addressing the opening of the inaugural one-day CARICOM-Brazil Summit in Brasilia, Brazil on Monday, Prime Minister Roosevelt Skerritt of Dominica and Chair of the Community, said that it was only through such efforts that `we can ensure that the concerns of small, vulnerable economies like ours will be taken on board during the policy-making discussions at such institutions.`
He told the Summit, in which nine other CARICOM Heads of Government participated, that international financial policies that were mindful of countries` various levels of development were a necessity in the liberalized global marketplace that we shared.
The global financial and economic crisis negatively impacted on small, vulnerable economies such as those in CARICOM, Prime Minister Skerritt said, and pointed to the effects that included high unemployment rates, the closure of many service-oriented establishments and the various fiscal measures that had to be taken by governments to ensure sustainable growth.
`As such, we are resolute in our call for reform within international financial institutions which determine international financial policies that all countries, regardless of their level of development, must follow,` he said.
He called on developing partners such as Brazil to render assistance to the Community in its quest to influence policy-making.
Ten CARICOM Heads of Government are in Brasilia for the historic one-day Summit that will identify avenues for cooperation between CARICOM and Brazil in areas across the political, commercial, economic, cultural, consular and educational arenas.
The Summit, Prime Minister Skerrit said, would enhance the goodwill, friendship and spirit of cooperation between CARICOM and Brazil.
`We welcome the new chapter in our relationship which will be heralded by the conclusion at this historic meeting, of a CARICOM-Brazil Technical Cooperation Agreement addressing sixteen areas of cooperation including the key areas of agriculture, health, tourism and transportation. In order to give impetus to the Technical Cooperation Agreement, we propose to sign a Memorandum of Understanding (MOU) on Technical Cooperation highlighting five priority areas,` he added.